Financial market infrastructures (FMIs) have evolved as core elements of highly intermediated financial markets partly due to the technological limitations of the time when they were first architected. Organizations and firms were unable to share records without having to entrust a single party...

This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...